The news sounds good to me. :-)
Thursday, March 11, 12:01am Eastern Time
Company Press Release
PanAmerican BanCorp Signs New Venture
FOR IMMEDIATE RELEASE
Hauppauge, NY - March 11, 1999--PanAmerican BanCorp (OTC:BB-PABN, formerly PRWT) announced today that it has entered into a joint venture with FirstStates Financial Services Corp. Under the terms of the agreement, PanAmerican and FirstStates will file to form a federally chartered thrift institution and offer a wide variety of financial services for the new millennium, including nation-wide mortgages, CDs, and other banking services. This joint venture is expected to effectively position PanAmerican BanCorp in the banking industry, bringing the added value of credit, risk solutions and banking services under one roof. This joint venture will also provide liquidity to the divisions of PanAmerican BanCorp.
John Schmitz, CEO, PanAmerican BanCorp, said, "We're extremely excited to have FirstStates on board with PanAmerican. FirstStates lends additional stability and rounds out the PanAmerican BanCorp portfolio. We have ambitious plans for the thrift, including moving toward being a true Internet-based bank."
Ken Christian, President of FirstStates is targeted to assume the responsibility of Chief Financial Officer of PanAmerican BanCorp. Most recently, Christian was Senior Vice President/Chief Retail Policy and Risk Officer for CoreStates, a $50 billion superregional bank, where he was responsible for $10 billion retail and small business portfolios. Christian has over 29 years experience in the banking industry, including executive positions with two of the largest banks in the United States.
Other executives of FirstStates working with PanAmerican are Leo F. Doyle Jr., Esq., and Willard T. Bullock. As one of the founding partners with the law firm Doyle, Whelan & Doyle, Doyle has an extensive background in representing financial institutions in banking regulation and legal matters. His clients include regional lenders and several of the largest commercial banks in the United States. Doyle will begin the process of licensing the thrift immediately.
Bullock is a 25 year veteran of consumer and mortgage banking, and was most recently Deputy Chief Retail Policy and Risk Officer at CoreStates. An expert in delinquency and risk management, Bullock will be responsible for all collection and back room activities at FirstStates and will be tapped to head the construction to permanent mortgage division for PanAmerican BanCorp through RMC, a wholly owned subsidiary of PanAmerican.
FirstStates is dedicated to serving its clients with the most advanced technology available. FirstStates can solve lending, credit and delinquency problems, including consulting and outsourcing for: risk management, retail/mortgage collections, ORE management, small business workout, mortgage underwriting compliance, CRA lending, retail bankruptcy solutions and municipal tax collection. FirstStates is headquartered in Norristown, PA, a suburb of Philadelphia. This location allows FirstStates to serve the entire East Coast with plans to strategically open loan-production-centers in the Midwest and on the West Coast within the next two and a half years.
Except for historical information, the matters discussed in this news release may be considered "Forward-looking" statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include declarations regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances and involve a number of risks and uncertainties that could materially affect results.
Contact:
PanAmerican BanCorp/Purewater
Public Relations
516/232-2221
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